NZD/USD chart on Trading View used for analysis
- NZD/USD is extending range trade for the 3rd straight session.
- The pair is currently trading at 0.6892, up 0.10% at 0525 GMT.
- Price action continues in a 'Symmetric Traingle' pattern and breakout could see further highs.
- Poor New Zealand Trade Balance data keeps the kiwi under pressure, while dovish Fed comments limit downside.
- New Zealand unadjusted monthly trade balance turned a large deficit of $914m in Jan, considerably weaker than expected with exports below expectations and imports considerably stronger.
- On the otherside, Fed Chair Powell on Tuesday reiterated patience on rate hikes and took note of the risks to the US economy, leaving the USD weaker across the board.
- Technical studies support upside. The pair has bounced off 200-DMA support and could see test of 0.6930 (Triangle top).
- 5-DMA is immediate support. Break below 21-EMA will see retrace till 200-DMA at 0.6751.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
